As per PwC’s 2022 Digital Trust Insights Survey, 82% of the Indian respondents have predicted an increase in their cyber security budget in 2022. Moreover, 41% of organisations in India predict double-digit growth in their cyber budgets in 2022, as against 26% organisations globally.
Indian Organizations Realising Investment Priorities:
The 2022 Digital Trust Insights Survey found that Indian organizations are realising the benefit that is arising from cyber security strategy implementation at a scale for present and future.
Four out of ten organisations in India have initiated, or are planning to initiate, investment in cyber security by focusing on areas such as customer identity and access management, zero trust architecture, managed security services, cloud security and endpoint security.
The question is how can organization derive maximum value from their investment and strengthen their cyber security posture?
Digitization have increased during the pandemic, devoted more resources to their digital and technology capabilities. This also helped them to reinvent their business model and customer reach in almost all sector from health care, industrial automation, enhanced e-commerce, FinTech and other areas.
But with rising digitisation, businesses have been compelled to rethink and reconfigure their cyber security objectives which is getting complex day by day. 75% of the Indian respondents said that too much avoidable and unnecessary organisational complexity poses ‘concerning’ cyber and privacy risks.
Key priority area where organization are setting their focus as per the survey:
How can organisations improve their investment returns by simplifying their cyber security programme?
The survey results indicated that organizations that have made significant progress with these cyber goals and instilling a culture of cyber security, managing cyber risks, enhancing communication between boards and management, and aligning their cyber strategy with their business strategy. In order to achieve their full cyber potential, organisations need to build capabilities in the following areas:
Security-first leadership: Organisations need to have a dedicated leadership group that understands the significance of cyber security and treats security as a priority.
Reducing complexity in cyber security: Organizations are operating in a complex cyber security ecosystem and often find it difficult to manage their risks due to underlying complexities. Simplifying cyber security and prioritizing their investments in the right areas is the need of the hour.
Securing against the critical risks of today and tomorrow: Organizations need to manage cyber risks effectively, including the blind spots emerging from their extended ecosystems, so that they can realize the value of their investments and operate risk free
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